“Waiving” bye-bye to 2009 RMDs

Description

Abstract: The economic downturn has impacted every facet of the American economic system, including retirement plans. At a time when account values are the lowest they’ve been in years, IRS rules force some participants to take a distribution under the required minimum distribution (RMD) rules. Many of those affected believe that, if the money were left in the account, it would have a chance to recover some of its lost value when the economy turns around and stocks make up some of their lost ground. With this in mind, late last year the Worker, Retiree, and Employer Recovery Act of 2008 became law. This article reviews what this means for your participants and what you need to know.